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Sep 24, 2018

Deals and IPOS: SiriusXM to buy Pandora in all-stock deal valued at $3.5 billion I CNBC

Satellite radio company SiriusXM is acquiring music
streaming service Pandora in a $3.5 billion all-stock deal, the
companies announced Monday. Pandora shares rose 10.3 percent to $10.03 a share in premarket trading, while Sirius stock fell 0.4 percent to $6.95 a share.
Shareholders will receive
1.44 of newly issued SiriusXM shares for each Pandora share they hold.
The implied Pandora price from this deal is $10.14 a share, or a 13.8
percent premium, according to the press release. Pandora was trading
above that price in the premarket as the merger agreement also includes a
"go-shop" provision where the company "may actively solicit, receive,
evaluate and potentially enter negotiations with parties that offer
alternative proposals following the execution date of the definitive
agreement."– CNBC's John Melloy contributed to this report.

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